Rare Gretzky card case from Sask. back on the market after multimillion-dollar deal collapsed
A valuable box of hockey cards is set to go back up for auction after a failed transaction. In April, it was reported that Jack Arshawsky, a real estate agent from Ontario, had won the auction for a case containing thousands of unopened 1979-1980 O-Pee-Chee brand hockey cards, including Wayne Gretzky’s rookie card, for $3.72 million US. However, Heritage Auctions, the company handling the sale, revealed that Arshawsky never paid for the cards, leading to the deal falling through.
Arshawsky claimed that he had not paid the full amount for the cards and wanted them to remain safe at Heritage Auctions until he could find a suitable location for them. When questioned about the payment discrepancy, Arshawsky mentioned the complexities of wiring large sums of money and the possibility of funds getting lost in the process. On the other hand, Chris Ivy, the director of sports category for Heritage Auctions, refuted Arshawsky’s explanation, stating that no payment had been received for the lot.
The box of hockey cards, originally discovered in a Saskatchewan family’s attic, is estimated to contain up to 25 to 27 Gretzky rookie cards, with a single card having previously sold at auction for $3.75 million US. Heritage Auctions valued the case at around $3 million US, and it is set to be re-auctioned with a starting bid of $750,000 US. Arshawsky mentioned the possibility of bidding for the case again, but Ivy clarified that individuals who fail to pay for auction items are permanently suspended from participating in future auctions.
The incident involving Arshawsky and the unfulfilled payment is a rare occurrence for Heritage Auctions, with less than one percent of lots ending up unpaid. Clients like Arshawsky undergo a vetting process to ensure their creditworthiness before bidding on items. Despite claiming to have a significant fortune, Arshawsky’s failure to pay for the hockey cards has raised questions about the underlying reasons for the failed transaction.
Rich Mueller, the editor of Sports Collectors Daily, suggested that there may have been additional costs associated with receiving and storing the cards, leading Arshawsky to reconsider his purchase. While legal action was considered, Heritage Auctions ultimately decided to re-offer the case for auction. Arshawsky, who was traveling internationally during the aftermath of the failed deal, delegated the resolution process to his legal team and accountants.
As the valuable hockey cards prepare to once again hit the auction block, the saga surrounding the unfulfilled transaction serves as a cautionary tale for bidders and auction houses alike. The upcoming auction will provide a second chance for collectors to acquire this rare and sought-after piece of hockey memorabilia.
